WeWork takes 86K sf at 25 Broadway

Collaborative workspace provider WeWork continues to gobble up Downtown digs and has inked an 86,000-square-foot lease at ACTA Realty’s neo-Renaissance Cunard Lines Building at 25 Broadway, The Real Deal has learned from CompStak.

WeWork will take the entire ninth and 10th floors in a 20-year lease with rents per square foot starting in the low-$30s and escalating to around $40, the CompStak data show. The office space provider will also get a little over a year in free rent in the 22-story, 858,000-square-foot tower, valuing the deal at over $56 million, the data show.

The space was being marketed by CBRE’s Richard Levine, Gary Kamenetsky, Bruce Surry and Stephen Siegel, according to a listing on real estate website agorafy. Their CBRE colleague Derrick Ades represented WeWork. None of the brokers responded to comment by press time, nor did representatives for ACTA Realty and WeWork.

WeWork has been rapidly expanding the size of its holdings in Lower Manhattan, home to many so-called TAMI companies — those in the technology, advertising media and information fields — which are naturally drawn to its foosball-friendly workspaces.

Other flexible office space providers, such as Luxembourg-based giant Regus, have also been expanding at a breakneck pace with recent deals such as a 29,982-square-foot lease at David Tawfik’s 104 West 40th Street in Midtown.